A Bullish Cypher is forming on the daily charts of Tesla Motors Inc. ( TSLA ). Currently, price has completed the initial extension leg AB and CD when it is making a reversal at the 127.2% and 141.4% extension zone. The next leg, if the pattern is to remain valid, is a move downwards towards the 196.73 area where it meets the 78.6% Fibonacci Retracement level of the A-C leg.

For more details of Cypher Patterns and their formation rules, please visit http://SimplyChartPatterns.com/harmonic-patterns/cypher-patterns/